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NSIA to Invest N6.1bn in LUTH, AKTH, FMC Umuahia

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  • NSIA to Invest N6.1bn in LUTH, AKTH, FMC Umuahia

The Nigeria Sovereign Investment Authority is to invest the sum of $20m (N6.1bn based on N305 per dollar official exchange rate of the Central Bank of Nigeria) in three medical facilities in the country.

The amount will be invested through the NSIA Healthcare Development and Investment Company in collaboration with Federal Ministry of Health.

The project will be executed under a joint venture agreement in three government hospitals in the country.

They are the Lagos University Teaching Hospital in Lagos; Aminu Kano Teaching Hospital in Kano; and the Federal Medical Centre, Umuahia, Abia State.

As part of the initiative, the NSIA is considering an investment of up to $10m in LUTH to fund the acquisition of a high energy linear particle accelerator for external radiotherapy; a brachytherapy system for internal radiotherapy; a CT simulator for radio therapy planning; and construction/upgrading of bunkers for the two LINACs.

For AKTH and FMC Umuahia, the aggregate investment of up to $10m will cover design and construction of the medical diagnostic centres; purchase of radiography equipment for the centres, including 1.5T MRI, 160 slice CT, three digital X-ray machines, four ultrasound machines and other ancillary equipment.

Others are the acquisition of supporting software and accessories, furniture and Information Technology equipment and power generation solutions for the centres.

Under the agreement, the cancer centre at LUTH will be upgraded to provide specialist care for cancer treatment, while AKTH and FMC Umuahia will focus on diagnostics providing medical microbiology services, routine chemical pathology, haematology tests and advanced radiography, including MRI and CT services.

The investment is expected to upgrade these institutions to modern medical centres and significantly enhance Nigeria’s ability to treat non-communicable diseases.

Speaking at the signing of the agreement on Wednesday in Abuja, the Managing Director, NSIA, Mr. Uche Orji, stated that the investment would assist in bridging the infrastructure gap in the health care sector.

He said the move would also reduce the burden of medical tourism, which is estimated to drain over $1bn in foreign exchange from the country annually.

Similarly, the NSIA boss explained that the investment was intended to provide access to advanced health care services for the benefit of lower income families, many of who had limited access to care.

As part of the programme, he said the NHDIC had procured the services of internationally renowned equipment vendors, including Varian (Switzerland), Siemens (Germany), JNC International (Nigeria) and Fuji Films (Japan).

They are to provide turnkey services, including civil works, design, equipment installation and maintenance services for the centres.

Orji added that each centre would run as a joint venture between the NSIA and the respective tertiary hospital to ensure timely and efficient delivery of services.

He stated, “Investing in health care remains a vital component of the Nigerian Infrastructure Fund strategy. The enhancement of health care infrastructure in these institutions will contribute towards raising the quality and standard of care in Nigeria with outcomes, which are consistent with the 2030 agenda for sustainable development.

“In addition, it will demonstrate the economic potential of health care investments in Nigeria and catalyse private sector participation.”

Commenting on the development, the Minister of Health, Prof. Isaac Adewole, said that one of the most important aspects of health care delivery was investment in infrastructure.

He explained that while the Ministry of Health maintained the position that individuals must be empowered to track their health and encouraged to maintain positive and healthy lifestyles, it was incumbent on the government to create an enabling environment for accessible, affordable and effective health care services locally.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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FG Borrows

The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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